WHY GOLD IS BOOMING
China’s central bank extends gold buying to 16th month
The People’s Bank of China headquarters in Beijing – Image courtesy of Wikimedia Commons
China’s central bank kept purchasing gold for a 16th straight months, with its holdings totalling 74.22 million fine troy ounces by the end of February, versus the previous month’s 74.19 million.
The value of China’s gold reserves stood at $387.59 billion at the end of last month, up from $369.58 billion a month earlier, data from the People’s Bank of China showed on Saturday.
(By Qiaoyi Li, Engen Tham and Dylan Duan; Editing by Himani Sarkar)
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